the following are the pro forma balance sheet and calculation of pro forma loss per share:

Enzon Pharmaceuticals, Inc. and Subsidiaries

Pro Forma Condensed Consolidated Balance Sheet

As of September 30, 2020

(In thousands)

(Unaudited)


ASSETS
			Pro Forma
	As Reported		Adjustments			Pro Forma
Current assets:
Cash	$	5,311	$	43,600	(1)	$	48,911
Deferred offering costs		457		(457)	(2)		—
Other current assets		56		56
Total assets	$	5,824	$	43,143		$	48,967

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable, accrued expenses and other current liabilities	$	654	$	—		$	654
Total liabilities		654		—			654

Commitments and contingencies

Mezzanine equity
Series C preferred stock - $1,000 par value, 40,000 shares authorized, issued,and outstanding (liquidation value $40,000)		—		40,000	(3)		40,000

Stockholders' equity
Preferred stock - $0.01 par value, 2,960,000 shares authorized; no shares issued and outstanding		—		—			—
Common stock - $.01 par value, 74,214,603 shares authorized, issued, and outstanding		442		300	(4)		742
Additional paid-in capital		75,690		2,843	(5)		78,533
Accumulated deficit		(70,962)		—			(70,962)
Total stockholders' equity		5,170		3,143			8,313
Total liabilities, mezzanine equity and stockholders' equity	$	5,824	$	43,143		$	48,967

Pro FormaAdjustments

(1)

To record receipt of proceeds of Rights Offering

(2)

To record reclassification of deferred offering costs

(3)

To record issuance of 40,000 shares of Series C preferred stock at par value

(4)

To record issuance of 30 million shares of common stock at par value

(5)

To record addition of $3.3 million of capital in excess of par value less $457,000 of deferred offering costs

Enzon Pharmaceuticals, Inc. and Subsidiaries

Pro Forma Loss Per Share- Basic and Diluted

For the Periods

(In thousands except per share data)

(Unaudited)


	Three Months Ended September 30, 2020
			Pro Forma
	As Reported		Adjustments			Pro Forma

Loss	$	(407)				$	(885)

Weighted average shares outstanding		44,215		30,000	(x)		74,215

Loss per share - basic and diluted	$	(0.01)				$	(0.01)


	Nine Months Ended September 30, 2020
			Pro Forma
	As Reported		Adjustments			Pro Forma

Loss	$	(885)				$	(885)

Weighted average shares outstanding		44,215		30,000	(x)		74,215

Loss per share - basic and diluted	$	(0.02)				$	(0.01)

Pro Forma Adjustments

(x)To record issuance of common shares pursuant to the Rights Offering